IEEE Project Abstract

Blockchain technologies have recently come to the forefront of the research and industrial communities as they bring potential benefits for many industries. This is due to their practical capabilities in solving many issues currently inhibiting further advances in various industrial domains. Securely recording and sharing transactional data, establishing automated and efficient supply chain processes, and enhancing transparency across the whole value chain are some examples of these issues. Blockchain offers an effective way to tackle these issues using distributed, shared, secure, and permissioned transactional ledgers. The employment of blockchain technologies and the possibility of applying them in different situations enables many industrial applications through increased efficiency and security; enhanced traceability and transparency and reduced costs. In this paper, different industrial application domains where the use of blockchain technologies has been proposed are reviewed. The paper explores the opportunities, benefits, and challenges of incorporating blockchain in different industry applications. Furthermore, the paper attempts to identify the requirements that support the implementation of blockchain for different industry applications. The review reveals that several opportunities are available for utilizing blockchain in various industry sectors; however, there are still some challenges to be addressed to achieve better utilization of this technology.